Hyundai Electric and Energy Systems sets up unit in Thailand
Hyundai Electric and Energy Systems Co., the energy solution unit of South Korea’s leading shipbuilder Hyundai Heavy Industries, said Wednesday that it has set up a company in Thailand to expand its footprint in the Asian electricity equipment market.
A ceremony was recently held to mark the start of the company’s operations in Bangkok, Thailand, with the attendance of representatives from seven key local EPC (engineering, procurement and construction) firms including Sri U-thong, TEDA and Kinden, according to Hyundai Electric.
Thailand is the largest electricity equipment market, valued at 1.7 trillion won ($1.5 billion) this year, in the ASEAN community. Hyundai Electric successfully entered the Thai market in 2012 when it won an order to build 230kV high-voltage circuit breakers.
In July of this year, the company sealed a 20 billion won contract with the Electricity Generating Authority of Thailand (EGAT) to supply 500kV high-voltage circuit breakers. Orders earned for the first nine months of the year reached 32.3 billion won, up nearly 40 percent from a year ago, the company said. Contract values related to its high-voltage circuit breakers alone are expected to hit 58 billion won by the end of this year.
The newly established Thai unit, along with another one in Singapore, will help the company expand in the ASEAN region, Hyundai Electric said.
Hyundai Electric aims to achieve sales of 700 billion won in 2021 in the Southeast Asian market.
Source: http://m.pulsenews.co.kr/view.php?sc=30800028&year=2017&no=705535
